The proposal would be part of a new batch of proposed tax cuts.
WASHINGTON — As part of a forthcoming package of proposed tax cuts, the White House is considering ways to incentivize U.S. households to invest in the stock market, according to four senior administration officials familiar with the discussions.
After the Great Recession, the percentage of American households owning stocks fell to 52% from 62% before the crisis,. That percentage reached 55% in 2019, a year when the stock market hit record highs. The White House publicly has been pointing to the package as a new shot of adrenaline in an economy whose growth shows signs of slowing 10 years into an expansion. A payroll tax cut would become an option only if the economy experienced significant decline, according to two senior administration officials. Separately, Larry Kudlow, director of the National Economic Council, has suggested cutting the tax rate to 15% for middle-class earners.
New tax cuts are "one of the reasons why we're going to focus so much energy on making sure that not only do we get President Donald Trump four more years in this White House," Pence said in a recent interview on the Fox Business Network. "But we're going to make sure that we reelect a Republican Senate and elect a Republican House of Representatives."
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